Offering of shares in Sonans Holding AS and listing on euronext growth Oslo

EMK Capital is pleased to announce that Sonans Holding AS (“Sonans”, the “Company”), Norway’s market leading operator of exam retake colleges, has completed an offering of new and existing shares to external investors (“Offering”) as part of a process to list its shares on Euronext Growth Oslo (“Listing”). Sonans’ shares are being sold at a price of NOK 50 per share as part of the Offering, representing a pre-money equity value for the Company of c.NOK 1.6bn.

Funds managed by EMK, which have been the majority owner of Sonans since December 2017, have agreed to sell a significant portion of their shareholding as part of the process to a group of Norwegian and international investors. Following the share sale, funds managed by EMK will own a significant minority of the total share capital and remain the largest owner post transaction. Sonans marks the first realisation event for EMK Fund I.

Sonans will continue to be led by its current management team and EMK will continue to support the Company and sit on the Sonans Board.

The first day of trading on Euronext Growth Oslo is expected to be on or about Wednesday 17 February 2021.

About Sonans:

Sonans is Norway’s market leading provider of exam re-take colleges, helping former high school students achieve better exam results and/or complete their high school education in order to then access their preferred higher education course. The Group was founded in 1989 to offer education services to private candidates for their Norwegian upper secondary school exams. Today, Sonans is comprised of Sonans Utdanning, offering private candidate exam preparation courses through online studies and at 14 campuses in Norway, and Bjørknes Høyskole, a private university college offering higher education online and at its campus in Lovisenberg in Oslo. Both Sonans Utdanning and Bjørknes Høyskole score favourably on student and teacher evaluations, demonstrating the quality of the Company’s offerings. The Company is also in the process of establishing the Norwegian School of Technology, a vocational school aimed at meeting the large demand for high-quality practical programming expertise.